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E 4. Elijah Samuels and Tony Winslow agreed to form a partnership. Samuels

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E 4. Elijah Samuels and Tony Winslow agreed to form a partnership. Samuelscontributed $200,000 in cash, and Winslow contributed assets with a fair market
value of $400,000. The partnership, in its initial year, reported net income of
$120,000. Calculate the distribution of the first year’s income to the partners
under each of the following conditions:

1. Samuels and Winslow failed to include stated ratios in the partnership
agreement.

2. Samuels and Winslow agreed to share income and losses in a 3:2 ratio.

3. Samuels and Winslow agreed to share income and losses in the ratio of their
original investments.

4. Samuels and Winslow agreed to share income and losses by allowing 10 percent
interest on original investments and sharing any remainder equally